Manufacturing Acquisitions in 2022

American Securities LLC entered into a definitive agreement to sell Milk Specialties Global, a manufacturer of human and animal nutrition ingredients, to Butterfly. Financial terms were not disclosed, and the transaction is expected to close in the first quarter of 2023 subject to customary closing conditions.

River Associates Investments, LP acquired Caster Connection, LLC, a supplier of industrial casters and related products, in a transaction that closed on December 19, 2022. Caster Connection, founded in 1987 and headquartered in Columbus, Ohio, serves material-handling applications with ergonomic caster solutions for manufacturing customers across multiple industries.

Burke Porter Group (BPG) announced the acquisition of Quantum 3 (Q3), a designer and builder of modular lean assembly and production line solutions for medical and life sciences manufacturers. Quantum 3 is headquartered in Killaloe, County Cork, Ireland, and its founders Pat Hayes and Paul McGrath will remain with the business following the transaction.

Pelco Products Inc., a portfolio company of River Associates Investments, acquired TraffiCalm Systems, LLC and MOR Manufacturing LLC (collectively “TraffiCalm”). The deal expands Pelco’s traffic management and safety offerings, with TraffiCalm continuing to operate from Post Falls, Idaho under existing leadership.

Weinberg Capital Group (WCG) announced the sale of its interest in North American Kitchen Solutions, Inc. (dba Hoodmart), a factory-direct manufacturer and supplier of commercial kitchen ventilation and fire suppression systems. Hoodmart is headquartered in Elyria, Ohio, and WCG had owned the business since early 2016.

LFM Capital-backed Heartland Steel Holdings, LLC acquired SteelPro, LLC, a designer and fabricator of structural steel solutions. The acquisition expands Heartland’s engineered products capabilities serving commercial, industrial, and material-handling applications; financial terms were not disclosed.

Salt Creek Capital announced its acquisition of Diamond Nets, Inc., a manufacturer of specialty small-batch netting products used across multiple end markets. Diamond Nets is headquartered in Everson, Washington, and will be led by incoming CEO Chris Dunn as the business enters its next growth phase. The sellers were the company’s owners, Les Powers and John Neal.

Lometa Capital Partners made a minority equity investment to support Blue Ridge Construction Capital LLC’s acquisition of Artistic Paver Manufacturing. Artistic Paver Manufacturing, a premium decorative concrete paver manufacturer based in North Miami Beach, Florida, will continue operations with founder Dan Essig transitioning from President and CEO to a full-time advisor role and joining the board.

Chart announced it has signed a definitive agreement to acquire Howden from affiliates of KPS Capital Partners for $4.4 billion, funded through a mix of cash and newly created preferred stock. Howden is a U.K.-headquartered global provider of mission-critical air and gas handling products and services, and the deal is expected to close in the first half of 2023 subject to regulatory approvals and customary conditions. The combination is expected to generate significant cost and commercial synergies and create a larger engineered equipment and aftermarket services platform.

Windjammer Capital Investors has sold its portfolio company Hermetic Solutions Group, Inc. (HSG) to Qnnect LLC, a portfolio company of Arcline Investment Management. HSG designs and manufactures engineered performance and protection solutions for mission-critical electronics used across defense, aerospace, medical, and industrial markets.

ADDMAN Engineering, LLC acquired HARBEC Inc., a diversified contract manufacturer specializing in precision machining, metal and polymer 3D printing, and injection molding. Headquartered in Ontario, New York, HARBEC expands ADDMAN’s polymer product lifecycle capabilities and adds 160 employees, strengthening ADDMAN’s engineering talent and manufacturing footprint.

H.I.G. Capital completed the acquisition of the distribution segment of Avient Corporation, a global distributor of engineered thermoplastic resins, additives, and specialty polymers. The acquired business will operate independently and be renamed Formerra, positioning it as a standalone leader in polymer distribution.

Ironbridge Equity Partners, in partnership with Walker Glass management, completed the acquisition of Walker Glass Company Ltd. Walker Glass is a Montreal-based value-added glass processor known for acid-etched glass, premium mirror products, and bird-friendly glazing, with sales across North America.

In September 2022, Amphenol Corporation acquired Integrated Cable Assembly Holdings, Inc. (ICA) from private equity firm Granite Bridge Partners LLC. Granite Bridge exited its investment after supporting ICA’s organic and acquisition-led growth, expanding its position as a major U.S. manufacturer of cable assemblies, wire harnesses, and electromechanical assemblies.

BICO Steel, a portfolio company of Validor Capital, acquired Integrity Fab and Machine Inc. to expand its steel processing, machining, and fabrication capabilities. Integrity Fab and Machine Inc., headquartered in Breckenridge, Michigan, is known for machining custom die sets, plates, and parallels for the tool and die market. The transaction closed on September 30, 2022, and financial terms were not disclosed.

All States Ag Parts, LLC (ASAP) acquired Arrow Acquisition, LLC (Arrow), a manufacturer and supplier of forks and attachments for material handling equipment. The deal expands ASAP’s heavy equipment offerings into the material handling attachments category and represents ASAP’s fifteenth add-on acquisition since partnering with Kinderhook Industries.

Deltech Holdings, LLC, a portfolio company of SK Capital Partners, acquired StanChem, Inc., a provider of emulsion polymers and protective coatings. Following the transaction, StanChem will operate as StanChem Resins, a division within the broader Deltech platform, and will continue to be overseen by existing management. Financial terms were not disclosed.

Dunes Point Capital, LP acquired Kwalu, LLC, a designer and manufacturer of premium furnishings for the healthcare and senior living markets. The transaction was funded with controlling equity from Dunes Point Capital Fund III, LP, with debt financing provided by Twin Brook Capital Partners.

Milton Street Capital, a Houston-based private equity firm, formed ProVeyance Group through the acquisition of two Ohio-based manufacturers, Woodsage, LLC and Ashland Conveyor Products. ProVeyance will manufacture advanced conveyance components and subsystems for package and material handling applications, and announced Tim Carpenter as CEO concurrent with the platform’s formation.

Mississippi Lime Company (MLC), a holding of HBM Holdings, has acquired UK-based lime products supplier Singleton Birch in a transaction that closed on September 8, 2022. The deal supports MLC’s strategy of global expansion by adding geographic reach as well as new products and technologies; financial terms were not disclosed. Singleton Birch will continue operating under its existing brand and management team.

An affiliate of American Securities has acquired Meridian Adhesives Group, partnering with Meridian’s management team and funds affiliated with Arsenal Capital Partners. Meridian manufactures high-performance advanced adhesives serving electronics, infrastructure, and industrial end markets, and is headquartered in Houston, Texas. Financial terms were not disclosed.

LFM Capital announced that it has invested in Accelevation, LLC, adding it as the third portfolio company in LFM’s third fund. Accelevation is a vertically integrated manufacturing group serving the data center, electric vehicle, and robotics markets through divisions including Conatech and SkyLab. Financial terms were not disclosed.

High Bar Brands, parent company of Minimizer and Premier Manufacturing, acquired Viking Sales, Inc., a mud flap manufacturer and distributor based in Brighton, Michigan. The deal adds Viking’s OEM and aftermarket relationships and ISO-9001-certified manufacturing capabilities to High Bar Brands’ portfolio and expands its product offerings and North American distribution reach.

Northstar Capital invested in IronCraft, LLC, providing debt and an equity co-investment to support LFM Capital’s financing of the transaction. IronCraft designs and manufactures agricultural implements and attachments and is headquartered in Decatur, Tennessee. Financial terms were not disclosed and the transaction closed in November 2021.

MSouth Equity Partners, an Atlanta-based private equity firm, completed the acquisition of Sunbelt Modular, Inc. in partnership with the company’s management team. Sunbelt Modular is a Phoenix, Arizona-based manufacturer of commercial modular buildings operating under seven regional brands across the U.S., and will continue to be led by CEO Ron Procunier.

Audax Private Equity acquired Rensa Filtration, a manufacturer of consumable, mission-critical air filtration products; financial terms were not disclosed. Rensa will continue to be led by CEO Brandon Ost and the existing management team, who will retain a significant ownership position, and the company plans to pursue additional acquisitions with Audax’s support.

Solenis has entered into a definitive agreement to acquire Clearon Corp., expanding Solenis’ offerings for residential and commercial pool and spa water treatment. Clearon manufactures trichlor and dichlor and produces finished sanitizers and disinfectants from its South Charleston, West Virginia facilities; financial terms were not disclosed and closing is subject to regulatory approval and customary conditions.

Longacre Group acquired a majority shareholding in Power Adhesives Limited, a manufacturer of hot melt adhesives and applicators. Power Adhesives is headquartered in Basildon, Essex, and Brendan Colgan joined the company as CEO following the transaction.

Naprotek, LLC, a portfolio company of Edgewater Capital Partners, has completed the acquisition of MicroFab, Inc., a precision RF circuit fabrication and micro-machining services provider headquartered in Manchester, New Hampshire. The deal supports Naprotek’s expansion in radio frequency products and solutions, with MicroFab’s team and operations to be integrated into Naprotek’s East Coast operations at SemiGen.

American Pacific Group (APG) has made an investment in Concisys LLC, an electronic manufacturing services provider specializing in surface mount technology and printed circuit board assembly. The partnership is intended to support Concisys’ continued growth, including organic expansion and potential inorganic growth initiatives, while scaling its prototyping and quick-turn production capabilities.

Main Street Capital Corporation completed a $31.1 million follow-on investment in its portfolio company SI East, LLC to support SI East’s acquisition of Chicago Steel Container Corporation and other growth initiatives. SI East, headquartered in Charlotte, North Carolina, manufactures new steel drums through its operating entities General Steel Drum, LLC and North Coast Container, LLC. Main Street originally partnered with SI East’s existing owners, the Stavig family, in August 2018 and, along with a co-investor, facilitated the current transaction financing.

An affiliate of Clearlake Capital Group acquired BBB Industries LLC, a sustainable manufacturer of automotive aftermarket and related industrial, energy storage, and solar parts. BBB was purchased from Genstar Capital, and the company’s CEO Duncan Gillis will continue to lead the business. Financial terms were not disclosed.

Platinum Equity entered into exclusive negotiations to acquire Imerys SA's High Temperature Solutions business (HTS) in a carve-out transaction valued at approximately €930 million. HTS is a global provider of refractory solutions serving iron and steel, thermal, and foundry markets, and the deal is expected to close by year-end subject to customary conditions and approvals.

CW Industrial Partners sold Ripley Tools, a manufacturer of professional hand tools and test and measurement equipment, to Hubbell Incorporated. The transaction terms were not disclosed; CW Industrial Partners had acquired Ripley Tools from a family office in 2014.

Milton Industries announced the acquisition of Casey Tools and Lock Technologies, the designer and manufacturer behind the LTI Tools brand of professional technician specialty tools and equipment. The deal expands Milton’s product offerings and distribution channels, with LTI/Casey Tools executives supporting the transition and taking continuing roles, including an equity position in Milton for CFO Wayne Casey.

CenterGate Capital, through an affiliate, made an investment in United Envelope, a long-established manufacturer and printer of direct mail and transactional envelopes. United Envelope is headquartered in Ridgefield, New Jersey and will continue to be led by President and CEO Ken Bernstein.

CORE Industrial Partners’ portfolio company CGI Manufacturing Holdings acquired Tenere Inc, a manufacturer of custom mechanical solutions serving ICT, fiber, and renewable energy end markets. The deal represents the seventh add-on acquisition to CORE’s CGI platform, expanding CGI’s manufacturing footprint and adding complementary capabilities such as injection molding.

Argosy Private Equity announced the sale of Linx Technologies to TE Connectivity. Linx designs and manufactures antennas and related RF components and modules used in IoT and other wireless applications across multiple end markets. Argosy had owned Linx since December 2015 before exiting via the sale.

Blue Bell Mattress acquired Wolf Corp., a Fort Wayne, Indiana-based manufacturer of bedding, futons and cotton batting, expanding Blue Bell’s manufacturing footprint into the Midwest. The deal includes Wolf’s factory, intellectual property, trademarks and customer book; financial terms were not disclosed. Wolf CEO Tony Wolf will remain involved as a consultant during the transition.

Compass Diversified (CODI) completed its acquisition of PrimaLoft Technologies Holdings, Inc., the parent of PrimaLoft, Inc., from Victor Capital Partners and minority owners. The transaction valued PrimaLoft at a $530 million purchase price, with CODI taking approximately 91% equity ownership and PrimaLoft management/existing shareholders retaining about 9%.

Blue Sage Capital completed an investment in Baker Manufacturing Company, LLC, a manufacturer of water well equipment and accessories as well as rotary gear pumps and iron castings. Headquartered in Evansville, Wisconsin, Baker will partner with Blue Sage to support product launches, geographic expansion, strategic acquisitions, and continued business investment.

Compass Precision, LLC, a portfolio company of Main Street Capital Holdings, LLC, acquired Strom Manufacturing, Inc. Strom Manufacturing is a precision metal components manufacturer based in North Plains, Oregon, and this deal represents Compass Precision’s second add-on acquisition of 2022. Strom’s president, Bill Strom, will continue in his role following the acquisition.

Westbridge Capital Ltd. has closed the acquisition of Intimo Industry, a seamless knitwear and compression/athleisure apparel manufacturer based in Vernon (Los Angeles County), California. Intimo Industry will operate as a subsidiary of Seam Seal International, a Westbridge Capital portfolio company acquired in June 2021, to diversify product lines and leverage shared manufacturing and retail processes.

The Sterling Group completed the acquisition of Ergotron, Inc. from Melrose Industries PLC. Ergotron, headquartered in St. Paul, Minnesota, designs, manufactures, and distributes ergonomic products for healthcare, workspace, industrial, and education settings.

Arcline Investment Management has completed the acquisition of Omega Engineering Inc. from Spectris plc. Following the transaction, Omega has joined the Dwyer Group of companies, an existing Arcline portfolio company, to complement Dwyer’s sensing and instrumentation offerings.

Live Ventures Incorporated acquired all outstanding stock of The Kinetic Co., Inc. through its existing subsidiary, Precision Marshall. The Wisconsin-based manufacturer of industrial knives and hardened wear products was purchased for approximately $26 million, financed with a mix of bank and seller debt, a sale-leaseback of real estate, and cash from Live Ventures.

LFM Capital partnered with and acquired a controlling stake in Novex, Inc., a manufacturer and distributor of polyurethane belting and sheet products. Novex founder and CEO Chuck Lynn and his family will remain substantial investors alongside LFM. Financial terms were not disclosed.

Transition Capital Partners (TCP) announced an investment in Petroflex North America, a Gainesville, Texas-based manufacturer of continuous length HDPE conduit and accessories for utility, telecom, renewables, and irrigation markets. Plexus Capital participated in the financing by providing debt and a portion of the equity capital, alongside the Petroflex management team. Infinity Capital Partners advised/represented the Petroflex shareholders in the transaction.

Crusoe Energy Systems LLC acquired Denver-based Easter-Owens Electric Co., a manufacturer of modular data centers and specialized electrical systems. The deal supports Crusoe’s vertical integration strategy by expanding manufacturing capacity and supply chain control to scale its Digital Flare Mitigation, Crusoe Cloud, and other data center operations.

Marco Rubber & Plastics, a specialty sealing supplier backed by Align Capital Partners, acquired Ipotec LLC, a provider of highly engineered rubber products. The deal represents Marco’s third add-on acquisition since ACP took a majority stake in Marco in 2020, and Ipotec founder Alan Randle will remain involved to support the transition.

Allied Motion Technologies Inc. acquired Airex, LLC to expand its precision electromagnetic solutions portfolio, adding linear and rotary motor technology and patented winding and robotic manufacturing capabilities. Airex, a third-generation-owned company headquartered in Somersworth, New Hampshire, serves aerospace/defense, life sciences, semiconductor, and other industrial applications. Financial terms were not disclosed.

Platinum Equity signed a definitive agreement to acquire a controlling (majority) stake in Hop Lun, a Hong Kong-based designer and manufacturer of lingerie and swimwear. The stake is being acquired from founder Erik Ryd, who will retain a significant ownership interest and continue helping lead the business. Financial terms were not disclosed and closing is expected in the third quarter of 2022, subject to customary conditions.

NSI Industries, LLC announced it has acquired Lynn Electronics, LLC, a manufacturer and supplier of custom fiber optic and copper cable assemblies for the data center and broadband markets. The acquisition expands NSI’s connectivity solutions and strengthens its Network Infrastructure division alongside brands such as Platinum Tools and TechLogix Networx.

APPLIED Adhesives announced it has completed the acquisition of Axco Adhesive Systems, a North American supplier of adhesives and dispensing equipment. The deal expands APPLIED Adhesives’ footprint along the West Coast and enhances its equipment and service capabilities for customers.

Oshkosh Corporation has completed the acquisition of Maxi-Métal Inc. (MAXIMETAL), a Canadian designer and manufacturer of custom fire apparatus and utility vehicles. MAXIMETAL will join Oshkosh’s Fire & Emergency segment, strengthening collaboration with Pierce Manufacturing and expanding sales and distribution across Pierce’s North American dealer network.

A. O. Smith Corporation acquired Atlantic Filter Corporation, a Florida-based water treatment solutions provider, in an all-cash transaction with undisclosed terms. Atlantic Filter, a family-owned manufacturer and dealer of residential and commercial water treatment equipment, will continue to be led by James Wakem II and Amanda Wakem Moore from its West Palm Beach headquarters as part of A. O. Smith’s North America Water Treatment business.

Plaskolite LLC announced the acquisition of MXL Industries, a manufacturer of specialty-crafted optical plastic products and coatings. The deal expands and strengthens Plaskolite’s coatings business across end markets including aerospace/defense, aviation, medical, marine, and life safety; financial terms were not disclosed. MXL is headquartered in Lancaster, Pennsylvania.

Club Car completed the acquisition of Garia A/S, a Denmark-based manufacturer of electric street-legal low-speed vehicles serving utility, consumer, and golf markets. The transaction also includes Melex, a Poland-based manufacturer of lightweight utility vehicles that Garia acquired in 2021. Platinum Equity, Club Car’s private equity owner, highlighted the deal as part of its strategy to grow Club Car through acquisitions.

GEON Performance Solutions acquired Cary Compounds, LLC, a Manalapan, New Jersey-based compounder serving the wire and cable industry. Cary’s assets will be consolidated into GEON’s manufacturing campuses to better serve customers geographically. GEON Performance Solutions is a portfolio company of SK Capital Partners.

CORE Industrial Partners’ portfolio company CGI Automated Manufacturing acquired Elite Manufacturing Technologies, a precision sheet metal components and assemblies supplier. The deal represents the sixth add-on acquisition to the CGI platform since CORE launched it in August 2021. Elite is headquartered in Bloomingdale, Illinois, and manufactures cabinets, consoles, and electro-mechanical assemblies serving electronic gaming and other end markets.

An affiliate of Shadowbriar Capital Partners acquired a controlling ownership stake in Benada Aluminum Products from Big Shoulders Capital and ABGB Capital. Big Shoulders and ABGB will remain minority investors in Benada following the transaction. Benada is a full-service aluminum extrusion manufacturer based in Sanford, Florida, serving building products and industrial customers across the Southeastern United States.

DBHCAP and Tides Capital announced an investment in and partnership with Salvo Technologies, Inc., a developer and manufacturer of photonics products and electro-optical components and systems. The partnership is intended to support Salvo’s continued growth and acquisition strategy across the global photonics supply chain.

Source Capital, LLC has acquired Kitchen Brains, a designer and manufacturer of smart cooking computers, electronic controls, and software solutions for commercial foodservice operations. The transaction terms were not disclosed. Kitchen Brains is headquartered in Stratford, Connecticut.

Knight Material Technologies (KMT) has acquired Electro Chemical Engineering and Manufacturing Co. (Electro Chemical), a manufacturer of high-performance fluoropolymer-lined vessels. The deal expands KMT’s corrosion-resistant materials and lining solutions while extending Electro Chemical’s geographic reach, including into the U.S. Gulf Coast via KMT’s Houston-area footprint. Electro Chemical’s subsidiary, Superior Dual Laminate Products (SDL), is also part of the acquired business.

Precisional, an affiliate of private equity firm The Jordan Company (TJC), completed the acquisition of four industrial technology businesses from Trimble. The acquired businesses are Protempis, LOADRITE, Spectra Precision Tools, and SECO; financial terms were not disclosed. The transaction establishes a new platform focused on precision measurement and data solutions across infrastructure end markets.

SyBridge Technologies, a global industrial technology company established by Crestview Partners, has acquired Wachusett Precision Tool (WPT). The deal expands SyBridge’s life sciences manufacturing footprint with WPT’s Massachusetts-based high-precision tooling and mold capabilities serving medical and consumer packaging customers.

Compass Precision, LLC, a portfolio company of Main Street Capital Holdings, LLC, acquired R&D Machine and Engineering, Inc., a precision metal components manufacturer. R&D Machine, based in Oldsmar, Florida, becomes Compass Precision’s sixth operating company, supporting its strategy of building a decentralized group of precision machine shops serving growth markets including aerospace, defense, and space.

Steel Family Holdings (SFH) acquired Fire Detection Devices Ltd., a Canadian manufacturer of heat detection solutions and the Thermoflex brand. SFH plans to invest in the company’s patented heat detector technology to expand market accessibility while continuing the legacy founded by Jack Duggan.

Prince International Corporation, a portfolio company of American Securities LLC, completed its all-cash acquisition of Ferro Corporation for approximately $2.1 billion ($22.00 per share). In connection with the closing, Prince will combine with fellow American Securities portfolio company Chromaflo Technologies, and the newly combined business has been renamed Vibrantz Technologies Inc., headquartered in Houston, Texas.

Ripple Industries LLC acquired Schumacher Electric Corporation from Lincolnshire Management, Inc. The transaction marks a new investment partnership for Schumacher Electric, a manufacturer and distributor of power conversion products, with financial terms not disclosed.

The Jordan Company, L.P. (TJC) announced an investment in Communications & Power Industries (CPI), a global manufacturer of electronic components, subsystems, and antenna systems serving communications, government, and medical markets. TJC will partner with CPI’s management team to accelerate growth and pursue synergistic acquisitions.

Gun Lake Investments made a new investment in Hall Technologies LLC, a Dallas, Texas-based designer and producer of professional audio/visual systems, increasing its majority stake and assuming full operating control. Blackford Capital, which previously held operating control after a 2018 co-investment, is no longer in control; financial terms were not disclosed.

Platte River Equity announced the sale of Vertical Supply Group (VSG) to Gridiron Capital, LLC. VSG is a vertically integrated manufacturer, distributor, and direct e-commerce retailer of work-at-height safety and performance products, including arborist tools, ropes, and fall protection equipment. Platte River indicated it will retain an ongoing stake in the business following the transaction.

Leonard Group, Inc. acquired Cook Portable Warehouses, a manufacturer and retailer of premium storage sheds with a 14-state footprint. The deal is Leonard's fourth add-on acquisition since partnering with Kinderhook Industries, expanding Leonard's retail and manufacturing presence across the Midwest, Texas, and Gulf Coast. Financial terms were not disclosed.

JBC Technologies acquired HST Materials, Inc., an ISO-9001 certified flexible materials converter located in the Chicago suburbs. The deal expands JBC’s geographic footprint and strengthens its presence in the automotive and off-road transportation sectors while adding capabilities such as peel adhesion testing, spooling, and additional precision converting capacity.

Precinmac, a diversified manufacturer of high-precision machined components and assemblies, has acquired Petersen Inc., a provider of industrial products and services. The acquisition expands Precinmac’s capabilities in specialized fabrication, precision machining, advanced manufacturing, and related services across end markets including aerospace and defense, semiconductor, power generation/energy, medical, and general industrial.

H.I.G. Capital portfolio company Nadir Figueiredo S.A. completed the acquisition of Cristar Tabletop S.A.S. from Owens Illinois. Cristar is a Colombia-based leading glass tableware producer in the Andean region, and the combination expands Nadir’s production capacity and international footprint across the Americas and Europe.

Sur-Seal Company, a provider of engineered sealing and custom sealing solutions, acquired Mueller, a North Carolina-based specialist in custom die cutting, slitting, laminating, and CNC cutting. The deal expands Sur-Seal’s custom engineering, converting, and manufacturing capabilities, strengthening its footprint in the southeastern United States. Mueller was most recently owned by Ken and Carl Stober, and Sur-Seal is owned by private equity firm Heartwood Partners.

Hexion Holdings Corporation announced the closing of its acquisition by affiliates of American Securities LLC for $30.00 per share in cash. Hexion, based in Columbus, Ohio, is a global producer of adhesives and performance materials/thermoset resins serving adhesive, coatings, and industrial markets.

True Value Company entered into a definitive agreement to acquire The Yenkin-Majestic Paint Corporation’s consumer paint business, which produces architectural coatings sold under the Majic brand. The deal expands True Value’s paint portfolio and specialty/agricultural segment capabilities, while allowing Yenkin-Majestic to reinvest and focus resources on its polymers business.

CORE Industrial Partners portfolio company CGI Automated Manufacturing acquired DFF Corporation, a precision manufacturer of machined components and electromechanical assemblies. DFF will join the CGI platform launched by CORE in August 2021, expanding CGI’s CNC machining capacity and adding an East Coast manufacturing footprint in Agawam, Massachusetts.

Mirage Trailers, LLC, a portfolio company of Crescendo Capital Partners, OFS Capital Corporation, and Fidus Investment Corporation, has been acquired by Novae LLC. Novae is a portfolio company of Brightstar Capital Partners, and Mirage will continue operating in Nampa, Idaho as a division of Novae.

Vantage Specialty Chemicals has acquired JEEN International Corporation and BotanicalsPlus, Inc. (collectively, JEEN). The deal expands Vantage’s personal care ingredients capabilities by adding JEEN’s naturally derived specialty ingredients and rapid product development and customization expertise. JEEN’s owners, Adam Perle and Jeanne Perle, will join Vantage and remain invested in the business.

EPE Corporation, a manufacturer of complex printed circuit board assemblies and integrated electronic/electromechanical systems, has been sold to Intervala. The deal expands Intervala’s manufacturing capabilities and capacity in the Northeast United States and broadens its global customer base. Intervala is a portfolio company of Primerock Capital Partners.

DESMI signed a definitive agreement to sell a majority share of the company to One Equity Partners (OEP). DESMI is a Denmark-headquartered manufacturer of pumps, pumping systems, and environmental cleaning equipment serving marine/offshore, industrial, utility, and defense end-markets; transaction terms were not disclosed.

Uniloy Inc. acquired Century Die Company, LLC of Fremont, Ohio, to expand its blow molding mold manufacturing, repair, and refurbishment capabilities. The deal adds Century Die’s decades of expertise and increases Uniloy’s ability to provide comprehensive in-house mold solutions across its blow molding platforms. The transaction closed on February 15, 2022.

ProMach acquired TechniBlend, a provider of engineered process systems for the liquid processing industry, to expand ProMach’s processing technologies portfolio and turnkey system capabilities from processing through packaging. TechniBlend (including its subsidiary brand ProBrew) and its staff will join ProMach, with TechniBlend President Derek Deubel becoming Vice President and General Manager of TechniBlend within ProMach.

Saw Mill Capital Partners II and affiliated funds managed by Saw Mill Capital LLC made an investment in Versatrim LLC to support its continued growth. The transaction closed on December 20, 2021, and terms were not disclosed.

Fibrix Filtration, backed by private equity firm Branford Castle Partners, acquired Americo Manufacturing Company. Following the transaction, the Fibrix Filtration and Americo brands will be held under a newly renamed holding company, Clean Solutions Group (CSG), led by Keith White as President and CEO. Financial terms were not disclosed.

Lion Equity Partners, through its affiliate Lion Equity Holdings II, LLC, acquired Elkhart Tri-Went Industrial (ETI) from Aalberts N.V. ETI manufactures complex extruded aluminum components and fabricated copper tube products for OEM customers across automotive, HVAC/R, water systems, and industrial end markets.

CORE Industrial Partners’ portfolio company CGI Automated Manufacturing acquired Richlind Metal Fabricators, a provider of precision sheet metal fabrication and machining services. Richlind is the third add-on acquisition to the CGI platform that CORE launched in August 2021, expanding CGI’s capabilities serving aviation, defense, and space end markets.

NewSpring Mezzanine, a strategy of NewSpring, invested subordinated debt and common equity to support Akoya Capital's acquisition of Star Plastics. Star Plastics, a North American provider of custom engineered plastic compounds and specialty products, plans to use the transaction proceeds to fund organic growth initiatives and pursue M&A.

Sparx Hockey acquired BladeScan, a privately held Minnesota-based company that makes a high-resolution laser measurement system used to precisely quantify skate blade geometry. The deal includes BladeScan’s technology, patents, and assets, and is intended to strengthen Sparx Hockey’s R&D capabilities and patent portfolio. BladeScan founder Joe Tracy will join Sparx Hockey as Director of Strategic Projects.

Ambassador Enterprises' affiliate Dovetail Brands acquired the assets/business of Grabill Cabinets in the fourth quarter of 2021. Former owners David Carnahan and Martin Heiny will remain with the company in leadership roles as Grabill joins Dovetail Brands alongside Dutch Made Custom Cabinetry.

Salt Creek Capital (SCC) announced it has acquired Wine Racks America, Inc. (WRA), a manufacturer and distributor of high-end wine storage kits, residential cellar systems, wine cooling units, and related racking products. WRA, founded in 2003 and headquartered in North Salt Lake, Utah, serves customers across the United States under its own and third-party brands. Founders Jeff and Jen Ogzewalla cited the transaction as part of their transition to retirement, with Scott Henrikson named incoming CEO.

Headwall Photonics completed a recapitalization led by Arsenal Capital Partners, in partnership with existing management and ownership, resulting in Arsenal becoming the majority owner. Terms of the transaction were not disclosed. Headwall designs and manufactures hyperspectral imaging systems, spectral instrumentation, and optical components used across industrial and scientific applications.

KCM Capital Partners LLC acquired the assets of Automatic Filters, Inc. (Tekleen), a Los Angeles-based manufacturer of automatic, self-cleaning water filtration equipment, on December 24, 2021. The transaction was completed in partnership with Gemini Investors and other strategic investment partners, with terms not disclosed. Concurrently, KCM appointed Syed Shah as CEO to support Tekleen’s growth in the water filtration market.

Eagle Merchant Partners has exited its investment in RG through a sale to Sentinel Capital Partners. RG, headquartered in Dalton, Georgia, designs, manufactures, and installs premium recreational surfacing products such as synthetic turf and composite modular tile.

MPE Partners (Morgenthaler Private Equity) announced the recapitalization of Inkcups, a global specialty printing equipment and supplies provider. MPE partnered with founder and CEO Benjamin Adner, with the investment intended to support accelerated growth through continued product development, customer support, and geographic expansion.

An affiliate of All-State Industries, Inc., backed by Blue Sage Capital, acquired Allied Plastics, LLC, a thermoformed plastics manufacturer headquartered in Twin Lakes, Wisconsin. The deal expands All-State’s thermoforming capabilities and customer base and represents All-State’s second sizable acquisition since partnering with Blue Sage in 2019. Allied’s founders Tim Neal and Steve Wieder will continue to lead the business under the All-State platform.